This document was released in the wake of rising energy prices notably induced by consequences of the COVID-19-induced economic crisis and the invasion of Ukraine. It builds on policies set out in the "ten point plan for a green industrial revolution" and the "net zero strategy". It aims at providing secure, clean and affordable British energy for the long term, by weaning the country off "expensive fossil fuels" and developing "diverse sources of homegrown energy".
The strategy:
- Provides immediate financial support to households and the industry to reduce energy bills
- sets targets of energy efficiency improvements in the buildings sector
- aims to "fully utilise" the North Sea fossil fuels reserves, use the empty caverns for CO2 Storage, bring through hydrogen to use as an alternative to natural gas and use offshore expertise to support the offshore wind sector
- sets enhanced mid-term targets of new renewables capacity, especially offshore wind, and to a lesser extent onshore wind and solar.
- focus on building new nuclear plants
- boost hydrogen production, notably to store excess renewable electricity
- on networks, storage and flexibility: anticipate needs to minimise cost and public disruption, and hyper-flexibility in matching supply and demand to reduce energy waste.
- work with international partners to maintain stable energy markets and prices, reduce the use of fossil fuels globally, reduce global reliance on Russian fossil fuels whilst pivoting towards clean, affordable energy.
